Drug Discovery Services Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Drug Discovery Services Market.
The global drug discovery market is expected to display a positive market trend over the forecast period to 2028, exhibiting a CAGR of 6.50%.
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Drug discovery is the process of designing a new drug. The most common methods employed for drug discovery are molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity. Drug discovery services are specifically designed to minimize the costs and timelines of drug discovery. In pharmacology, biotechnology, and medicine, the method of drug discovery is used to design and discover new medications. This process comprises the identification of aspirants, production, depiction, selection, and assays for therapeutic usefulness.
Rising prevalence of chronic diseases, acute diseases, rise in the pharmaceutical and biotechnology industry among the others are some of the factors that have supported long-term expansion for Drug Discovery Services Market.
Regional Analysis
North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
Key Players of Drug Discovery Services Market
· Covance Inc.
· Evotec
· Merck KGaA
· Thermo Fisher Scientific Inc
· GenScript
· Domainex
· WuXi AppTec
· Selcia Limited
· Charles River
· SRI International and More
Recent Developments
In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology
In 2020, Eurofins entered into partnership with Pharma Resources (China). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.
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